PURPOSE & PATIENCE - Sofina
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PURPOSE & PATIENCE
We aspire to be
the preferred partner of
entrepreneurs and families
who lead growing companies
by backing them
with patient capital and
supportive advice
— Q4 2020 Edition —
OUR MISSION
Our goal at Sofina is to create economic
value with a human approach
We believe that the entrepreneurial spirit that characterises many
family businesses and growth companies is a source of progress.
By supporting these entrepreneurs and innovators, we intend to
contribute to global growth, development and innovation.
We believe entrepreneurs become
successful by being competitive in a
globalised market
Our mission is to provide patient capital, expertise and advice to
growing companies led by entrepreneurs and families. We aspire
to be their preferred partner, and have a long-term horizon that
few other investors can match.
Our heritage and culture are what make
us unique
We put human relationships at the heart of what we do. All our
investments are stories of shared values, friendships and ambitious
projects with talented entrepreneurs and their management
teams. By continuously working in this way, we aspire to become
the preferred investment partner of those sharing our beliefs and
vision.
2 SOFINA - PURPOSE & PATIENCE OUR MISSION 3
KEY FIGURES
Highlights
EUR
SHAREHOLDERS’ EQUITY
8.6 BN
(2)
GLOBAL
REACH
A FAMILY RUN
3 US EUROPE ASIA
AND CONTROLLED COMPLEMENTARY Change over the last
INVESTMENT COMPANY INVESTMENT 20 years (3)
STYLES
9.00
8.00
7.00
6.00
FOUR FOCUS 5.00
SECTORS
4.00
Long-term minority 3.00
investments 2.00
43% OF SHAREHOLDERS’ EQUITY (1)
1.00
0
Off ices in Brussels,
Luxembourg and Singapore
Consumer and Retail 2000 2020
Sof ina Private Funds –
Investments in venture
and growth capital funds
Digital Transformation 37% OF SHAREHOLDERS’ EQUITY (1)
Roots going back 29
Sof ina Growth – Investments in
120+ YEARS
Education investment
fast-growing businesses
professionals
13% OF SHAREHOLDERS’ EQUITY (1)
across our
3 off ices
Healthcare
(1) Considering the portfolio in transparency, the percentage is based on preliminary and unaudited data at 31 December 2020. (2) As at 31 December 2020, based on preliminary and unaudited data.
(3) Since 1 January 2018, Sofina has adopted the status of investment entity in accordance with IFRS 10. Figures relating to the financial years
2016 and 2017 have been restated in accordance with IAS 28, §18 to ensure that the shareholders’ equity can be compared to that of following
years. Accounting data are established in accordance with IFRS since 31 December 2004. Shareholders’ equity for the financial years prior to
2004 correspond to the estimated value of the assets.
4 SOFINA - PURPOSE & PATIENCE HIGHLIGHTS 5
MILESTONES
1898 - 2020
Founded more than 120 years ago as an engineering conglomerate, Sofina is now a listed
investment company with equity holdings in Europe, the United States and Asia, across
Our history many sectors with a particular focus on Consumer and Retail, Digital Transformation,
Education and Healthcare.
2016 2014
2020 2017 Fifth anniversary of the 2015 First direct investment in the
2018
United States through a share-
‘Platform for Education and The Singapore office
Shareholder’s More than half holding in Mérieux
Talent’, Sofina’s Philanthropic opens and Sofina Growth
equity exceeding Exit from Flipkart of Sofina’s portfolio NutriSciences
project is reinforced, mainly
EUR 8bn at 31/12 is invested Sir David Verey CBE
in India, China
outside Europe The investment team becomes Chair
and the United States
counts 20 professionals
2011
2005 2007 2009 Strategic move towards 2012 2013
Partnership with the growth and more
First investments Investment First investment Investment in Flipkart
Forestier family for the international exposure
in venture and growth in bioMérieux in e-commerce
delisting of Groupe
capital funds in India Count Goblet d’Alviella is
Petit Forestier
appointed Executive Chair
1988
1978
Yves Boël is appointed Chair
1998 and Count Goblet d’Alviella co-
Managing Director
1987 First investments
1975 1965-70
Investment Investment in Danone Investment in Colruyt Sofina becomes an
Reinforcement of the family in venture and growth
in SES investment company
shareholders following the capital funds
acquisition of Société Générale in the United States
de Belgique’s stake
1898 1956
Foundation of Sofina 1910 Yves Boël is appointed as
(‘Société Financière de 1910
First investment 1938 1950s Sofina’s Managing Director
Transport et d’Entreprises InitialinPublic
a Private
Offering The Luxembourg First investment by current Since 1956, Sofina
Industrielles’), an engineering Equity fund in India office opens family shareholders has increased its annual
conglomerate, active in the
dividend per share without
energy and
interruption
transportation sectors
6 SOFINA - PURPOSE & PATIENCE OUR HISTORY 7
ST R AT E G Y
Our strategy
Our strategy could be looked at
like a multi-dimensional network :
by investment style, by region and by
sector with incorporation of ESG criteria
LONG-TERM SOFINA PRIVATE FUNDS SOFINA GROWTH –
MINORITY – INVESTMENTS INVESTMENTS IN
INVESTMENTS IN VENTURE AND FAST-GROWING
GROWTH CAPITAL BUSINESSES
FUNDS
CONSUMER
AND RETAIL
EUROPE
“Our strategy is simple. Wherever strong
relationships can be created with like-minded HEALTHCARE
ASIA
partners as interested as we are by what makes
companies grow, we will be present.”
HAROLD BOËL, CHIEF EXECUTIVE OFFICER DIGITAL
TRANSFORMATION US
EDUCATION
RESPONSIBLE INVESTOR AND SIGNATORY OF THE UNPRI
8 SOFINA - PURPOSE & PATIENCE OUR STRATEGY 9
OUR APPROACH
What makes us unique
WE UNDERSTAND
FAMILY AND
W E O N LY ENTREPRENEURIAL WE PROVIDE EXPERTISE IN OUR CORE SECTORS
TA K E OUR THROUGH
DYNAMICS AND WORK
MINORITY INVESTMENTS
FOR SUCCESSIVE GUIDANCE,
WE TAKE A H AVE A G LO B A L
OWNERSHIP GENERATIONS MARKET KNOWLEDGE
LONG-TERM VIEW POSITIONS FOOTPRINT
AND GLOBAL NETWORK
AND INVEST OUR
EQUITY ONLY
WE ARE A PARTNER WE DO OUR
THROUGH CYCLES, WE BACK ENTREPRENEURIAL AND
BEST TO BE
IN GOOD AND BAD GROWING COMPANIES
WE ARE PR AG M AT I C
TIMES A RESPONSIBLE F R O M STA RT- U P S TO M ATU R E
INVESTOR. WE CARE FOR
AND SOLUTION-
C O M PA N I E S
OUR COMMUNITES, OUR ORIENTED
PEOPLE AND THE PLANET THROUGH OUR THREE INVESTMENT STYLES
WE ARE AGILE
A N D H AVE
WE OFFER DECADES
A FA ST
OF CUMULATED
DECISION-
COMMON VISION MAKING
EXPERIENCE AND
THROUGH THE THREE INVESTMENT
AND ALIGNMENT EXPERTISE IN A WIDE
PROCESS RANGE OF BOARD
STYLES, WE BRING OUR PARTNERS AN
OF INTERESTS GUIDE ALL OUR INTERNATIONAL NETWORK OF
DECISIONS SITUATIONS KEY DECISION-MAKERS
10 SOFINA - PURPOSE & PATIENCE WHAT MAKES US UNIQUE 11
TESTIMONIALS
What our partners say...
Given Sofina’s own focus on The Sofina team has a simple, Sofina is a fantastic partner for Drylock has been growing at an
providing patient capital to collaborative approach with Graphcore. We are working hard to incredible fast pace over the last
entrepreneurs, we have been sharp industry focus and insight build a large technology business seven years. At a certain moment
fortunate to build a long term and builds true partnership with based in Europe with global reach in time you come to a point
and mutually beneficial local managers and and Sofina’s strategy is perfectly where you have to attract a
partnership. entrepreneurs. aligned. We highly value their good, stable partner with a long
BILL FORD, FENG GE, MANAGING PARTNER
long term focus and strong term growth mindset. Sofina is
CEO OF GENERAL ATLANTIC OF TRUSTBRIDGE PARTNERS AND CEO OF support for our mission to build a perfect for that. We had been in
CAREBRIDGE HOLDINGS
new type of processor that will let contact for several years and the
innovators in AI achieve the next relations has therefore grown
breakthroughs. systematically. I was very happy
Sofina is a supportive and to welcome them on board.
NIGEL TOON,
constructive long term partner. Sofina has been a very strong CO-FOUNDER & CEO OF GRAPHCORE Together we will further roll out
They understand our business partner and has supported us our ambitious growth plans
well, and have contributed in in our exponential growth. based on our technological and
implementing our international Working closely with Sofina The background, culture, patented product portfolio.
buy and build strategy, has further enriched our thoughtfulness and experience BART VAN MALDEREN,
particularly in Latin America and understanding on how we of Sofina made them a highly CEO DRYLOCK TECHNOLOGIES
in Asia. can innovate and optimize our desirable, excellent investor for
offerings for every user of the us. […] They take the long-term view
OLIVIER GINON,
FOUNDER AND CEO OF GL EVENTS
app. We are happy that the team and have the rare ability to guide
at Sofina shares our vision of us strategically, but also act as a
revolutionizing education and is “critical friend” operationally. We
there to guide us. couldn’t be happier with Sofina,
BYJU RAVEENDRAN, and look forward to the years
FOUNDER AND CEO OF BYJU’S ahead, as we strive to create a
genuine world leader in education.
CHRIS JANSEN,
GROUP CHIEF EXECUTIVE OFFICER
OF COGNITA
12 SOFINA - PURPOSE & PATIENCE WHAT OUR PARTNERS SAY... 13
OUR THREE INVESTMENT STYLES (1/3)
43% Investment size Minority stakes
of shareholders’ between EUR75MIO in privately owned and
and EUR 300MIO
equity (1) listed companies
Mainly European-based
global
companies with a
In partnership with
entrepreneurs and Patient capital
Long-term reference
exposure families shareholder
Why? How?
For more than 60 years, Sofina has partne- Our long-term minority investment portfolio
red with entrepreneurs, families and mana- consists mainly of European-based compa-
Long-term gement teams to support them over their nies having a global exposure in which we
long-term growth and create sustainable generally invest between EUR 75 and 300
minority value. million for a minority stake. We are active
investments To our portfolio companies we bring our
long-term view, strategic and sector expe-
and constructive members of the company’s
board and are involved in the development
of strategic initiatives. Our large capital base
rience, financial expertise, as well as our glo-
affords us patience and the ability to sup-
bal network.
port growth through capital expenditures or
acquisitions.
Our approach is flexible and besides growth
initiatives, we are also able to provide liqui-
dity to existing shareholders or support
other like-minded and aligned partners in
sponsor-less buy outs. We strive for seamless
alignment with our partner shareholders
who are often involved in the management
of the company.
(1) Based on preliminary and unaudited data at 31 December 2020.
14 SOFINA - PURPOSE & PATIENCE LONG-TERM MINORITY INVESTMENTS 15
I am delighted with Sofina entering
into the capital of the Group. It
DRYLOCK TECHNOLOGIES COGNITA CAMBRIDGE ASSOCIATES
SALTO represents a great opportunity to BIOTECH DENTAL
further develop the success story of NUXE
www.cognita.com www.cambridgeassociates.com
www.saltosystems.com NUXE in France and abroad. Sofina’s www.drylocktechnologies.com www.biotech-dental.com
fr.nuxe.com
expertise in consumer goods will
enable NUXE, a pioneer brand in 2019 | UK 2018 | US
2020 | ES 2019 | BE 2018 | FR
natural cosmetics and renowned for 2019 | FR Cognita is an independent Cambridge Associates
Salto Systems is a Spanish its innovative and audacious
Drylock Technologies is a Biotech Dental is a European
NUXE is a pioneering French school platform that owns is a global investment firm
manufacturer of access control character, to accelerate its growth. global designer and private label dentistry leader. It is
brand which became the and operates K-12 private that provides portfolio
and locking systems. The We will pool our strengths and share manufacturer of hygiene products recognised for its exclusive
reference player in natural schools in Asia, Europe management and advisory
company offers stand-alone, our entrepreneurial values of for daily comfort & care digital products and services
cosmetology, No. 1 in France and Latin America. services to endowments,
battery-powered electronic locks commitment, to build together and (for babies and females mostly). offering, including design and
with operations in foundations, pension plans,
for access control purposes, over the long term. The company focuses strongly manufacturing of implants,
60 countries. and private clients.
enabling users to control all their on innovation and now owns a dental prostheses, intraoral
ALIZA JABÈS, PRESIDENT AND
access needs and secure all their FOUNDING MEMBER OF THE unique patent portfolio. The scanners and custom-made
doors without complex and NUXE GROUP company operates 72 production transparent aligners.
expensive wiring. lines in America and Europe.
HILLEBRAND FIRST EAGLE VEEPEE THE HUT GROUP BYJU’S MÉRIEUX
NUTRISCIENCES
www.hillebrand.com www.feim.com www.veepee.com Over the year 2016, Sofina and its www.thg.com
www.byjus.com
team have proved to be the right www.merieuxnutrisciences.com
partners for us at a time of rapid
2016 | DE 2016 | US 2016 | FR 2016 | UK
growth at THG. We value Sofina’s 2016 | IN
Hillebrand is a global leading The Hut Group is an 2014 | US
First Eagle is a leading Veepee, formerly vente- long-term approach and are pleased Byju’s is a leading provider of
service provider in the shipping, closely-held investment privee, is a European leader to count on their continued support international technology Mérieux NutriSciences offers
supplemental education
transportation and logistics of management firm based in online flash sales and as we set about delivering on our company focusing on online analysis and support services
solutions. Byju’s developed
beverages and products that in New York, serving both specializes in selling brand ambitious global expansion. retail in the beauty and for new product development
effective, adaptive and engaging
require special care. retail investors and overstock exclusively to its wellbeing sectors. It is active in the food industry. It operates
MATTHEW MOULDING, learning programs, focused on
The company focuses on two institutional clients. members. The company is CEO OF THE HUT GROUP in Europe, US and Asia. a network of laboratories
the K-12 segment. The company
specific niche markets: beer, active in several sectors, around the world.
is active in India and the Middle
wine and spirits, and industrial including fashion, travel, East.
bulk such as mineral oils and entertainment and wine.
chemicals.
SOME FORMER
INVESTMENTS
GL EVENTS BIOMÉRIEUX GROUPE PETIT FORESTIER CHAPOUTIER LUXEMPART DANONE
www.gl-events.com www.biomerieux.com www.corporate.petitforestier.com www.chapoutier.com www.luxempart.lu 2013 -> 2020 | FR
www.danone.com
2012 | FR 2009 | FR 2007 | FR 2007 | FR 1992 | LU
1987 | FR
GL events is a fully integrated bioMérieux is a global leader Groupe Petit Forestier Chapoutier is one of the leading Luxempart is an investment
Danone is a global leader in
international event company in in vitro diagnostics and is the European leader wine producers in the Rhône company that manages
bringing health through food
across the three main market provides diagnostics solutions in refrigerated vehicle, Valley (France), and is also present a portfolio of listed and
with its four businesses: 2011 -> 2019 | FR
segments: congresses, that improve patient health display unit and in other regions. The business has non-listed firms mainly
Essential Dairy and Plant-
conferences and conventions; and ensure consumer safety. container rental. built an international reputation in Luxembourg, Belgium,
Based Products, Waters, Early
cultural, sports, institutional, thanks to exceptional domain France and Germany.
Life Nutrition and Medical
corporate and political events; names, a longstanding high- Nutrition. Its brand portfolio
trade shows and consumer quality standard and a pioneering includes Evian, Nutrilon,
fairs. position in biodynamic wine- 2011 -> 2016 | UK
Activia, Alpro and Mizone.
growing.
16 SOFINA - PURPOSE & PATIENCE LONG-TERM MINORITY INVESTMENTS 17OUR THREE INVESTMENT STYLES (2/3)
37% ~60 Venture and growth
of shareholders’ Core GPs
capital funds
equity (1)
+
Equity commitment
between First investments
Active in the US,
Asia between EUR10 m 1978
and Europe and EUR 40 m
Why?
Sofina’s first commitment to a Private Fund ELECTED GPS BASED
S ELECTED GPS
S
dates back to the late 70s, laying the founda- IN US OR WITH BASED IN ASIA
tion for further geographic diversification of the GLOBAL FOOTPRINT
Group. Since then, the investment activity has • Ascendent
• Abry • China Renaissance
matured into a formalized investment activity
•A ndreessen Horowitz • ChrysCapital
with exposure to the US, Europe and Asia.
• Battery • Crescent Point
Sofina Our portfolio is deliberately skewed towards
Venture Capital and Growth as these strate-
• Bessemer
• DST
• Falcon House
• Genesis
Private Funds gies resonate best with Sofina’s DNA of being
long-term supporters of Founders.
• Founders Fund
• Foundry Group
• GGV
• InvAscent
– Investments In addition to delivering attractive returns,
• General Atlantic • Kedaara
in venture
• H.I.G. • Loyal Valley Capital
this investment pillar adds tangible value by • Iconiq • LYFE
enhancing our network, knowledge and deal
and growth
• Insight • Multiples
flow. Fund Managers, on the other hand, value • IVP • Qiming
Sofina’s European & long-term profile, as well
capital funds as our ability to support their portfolio compa-
• Kleiner Perkins
• Lightspeed
• Source Code
• Trustbridge
nies through Sofina Growth. (US, India & China)
• Lux Capital
How? • NEA SELECTED GPS
BASED IN EUROPE
Investments in Venture and Growth funds • Redpoint
can be summarized as follows: Sofina com- (US & China)
• Sequoia • Atlantic Labs
mits a fixed amount of capital to a Limited • Atomico
(US, India & China)
Partnership for a period of 10 to 12 years. • Blossom
• Spark
These partnerships are managed by spe- • Spectrum • EMH
cialized teams: General Partners raise funds • Summit • Felix
from institutional investors such as Sofina • TA Associates • Highland
(the “Limited Partners”). The General Partners • Thoma Bravo • Lake Star
usually have an investment period of five to • Thrive • Local Globe
six years to make investments according to a • Tiger Global • Mérieux
pre-determined investment strategy. • Venrock • Northzone
• Sofindev
These investments are exited prior to the end • Stride
of the fund lifetime (10 to 12 years), but the
exact timing is at the discretion of the GPs.
The proceeds of the divestures are distributed
to LPs, net of fees.
(1) Based on preliminary and unaudited data at 31 December 2020.
18 SOFINA - PURPOSE & PATIENCE SOFINA PRIVATE FUNDS – INVESTMENTS IN VENTURE AND GROWTH CAPITAL FUNDS 19OUR THREE INVESTMENT STYLES (3/3)
13% High growth
Investment size
of shareholders’ between EUR15 m sectors
equity (1) and EUR 50 m
Global
In partnership with
Transparent
footprint trusted and fast
partners investment process
Sofina Why?
Initiated in 2013, Sofina Growth focuses on
Growth –
As a long-term partner, Sofina is repre-
investments in fast-growing companies, sented in governance bodies when its pre-
Investments
positioned on the most dynamic themes sence is desired and aims to maintain close
within of our focus sectors (Consumer and relationships with the founders whose eco-
in fast- Retail, Digital Transformation, Education
and Healthcare). The strategy consists of
nomic interests are aligned with ours.
growing leveraging Sofina’s experience in direct
investments, its permanent capital base and
Given the evergreen nature of our capital,
we support the growth of companies by
businesses its network of investors in order to access
high-quality investment opportunities wor-
investing additional capital in subsequent
rounds. We also support such growth by
ldwide. providing access to relevant stakeholders
within our vast network of portfolio com-
How? panies, investors and other partners across
Sofina Growth usually invests equity tickets multiple geographies.
between EUR 15 and 50 million per com- Sofina Growth has a global geographic
pany, as part of “late stage” venture capital coverage oriented towards regions driving
or “early growth” capital rounds. Priority is growth and innovation. Initially, most of our
given to investment opportunities where efforts were concentrated on Asia (India,
trusted partners are present within the China, South-East Asia) and the United
shareholders’ base, whether they are Gene- States. More recently, we have been paying
ral Partners from Sofina Private Funds’ port- increasing attention to the European mar-
folio or other reputable investors. Thanks to ket, and several investments have been
a fast decision-making process for assessing made.
new opportunities, we are able to follow our
partners as soon as an investment meets our
criteria.
(1) Based on preliminary and unaudited data at 31 December 2020.
20 SOFINA - PURPOSE & PATIENCE SOFINA GROWTH — INVESTMENTS IN FAST-GROWING BUSINESSES 21COLLIBRA K12 TECHNO SERVICES KOPI KENANGAN QINGZHU VINTED LENSKART FORMA BRANDS ADJUST HEALTHKART DAILYHUNT
www.collibra.com www.k12technoservices.com www.kopikenangan.co.id www.qinghotel.com www.vinted.com www.lenskart.com www.formabrands.com www.adjust.com www.healthkart.com www.dailyhunt.in
2020 | BE 2020 | IN 2020 | IND 2020 | CN 2019 | LT 2019 | IN 2019 | US 2019 | DE 2019 | IN 2019 | IN
Collibra is a Data Intelligence K12 Techno Services is a Kopi Kenangan is a fast Qingzhu is an asset-light, Vinted is the leading European Lenskart manufactures eyewear Founded as a professional Adjust, a global SaaS business, HealthKart is an Indian Dailyhunt is an Indian vernacular
company. Collibra school management growing Indonesian grab-and- tech-enabled economy hotel online marketplace and brands Vincent Chase and John makeup brush company in provides high-quality analytics, manufacturer and retailer of content aggregator offering
accelerates trusted business company that operates the go coffee chain which offers chain in China which community that allows its users Jacobs and sells its products Los Angeles, Forma Brands has accurate measurement, health and fitness personalized
outcomes by connecting the Orchids International Schools f resh affordable coffee to supports partner hotels by to sell, buy and swap second- through an omnichannel developed an innovative, fraud prevention and cyber supplements. high-quality content to users
right data, insights and brand in India. The Indonesian consumers. The providing access to its online hand clothing items and platform that includes 500 influencer-led platform, security solutions for over 25,000 in their own language.
algorithms to all data company’s services offer company has over 340 outlets booking platform, software accessories. physical stores across India, an becoming a global beauty brand mobile apps worldwide.
citizens. enables students to get (and growing) across 18 cities in solutions and management online store and a home with a highly engaged and loyal
access to better Indonesia. assistance. eye-check up service. base of customers.
opportunities to build up
their future.
GRAPHCORE ZHANGMEN XINYU CLOVER HEALTH AOHUA BIRA 91 GRAND ROUNDS ZILINGO MISSFRESH MEDGENOME THOUGHTSPOT OPSEO
www.graphcore.ai www.zhangmen.com www.censh.com www.cloverhealth.com www.aohua.com www.bira91.com www.grandrounds.com www.zilingo.com www.missfresh.cn www.medgenome.com www.thoughtspot.com www.opseo-intensivpflege.de
2018 | UK 2018 | CN 2018 | CN 2018 | US 2018 | CN 2018 | IN US 2018 | SG 2018 | CN 2017 | IN 2017 | US 2016 | DE
Graphcore is a chip Zhangmen is a leading player in Xinyu is the largest watch Clover Health is a US-based Aohua is a leading Chinese Bira91 is an Indian beer brand, Grand Rounds is a US healthcare Zilingo is a platform that aims to MissFresh is a leading MedGenome is a leading ThoughtSpot provides a opseo Intensivpflege is a
manufacturer who built the China’s K-12 online retailer and wholesaler in China, health insurer providing endoscopy equipment and emerging as a leader in the company that provides make the global apparel supply e-commerce platform which Indian genomics research and business-intelligence leading player in the German
fastest and most flexible after-school tutoring space. offering a comprehensive Medicare Advantage plans. consumables manufacturer premium segment. technology solutions to identify chain fair, connected and provides high quality fresh genetic diagnostics company analytics search software for outpatient intensive care
Intelligence Processing Unit It connects students with portfolio of mid- to high-end It aims to improve healthcare with more than 20 The company produces and connect the most transparent. Its software and groceries. With its integrated with offices and labs in large enterprises. It helps market.
for the artificial intelligence teachers online, offering and luxury watches f rom quality while reducing costs subsidiaries and branch a range of flavourful beers appropriate specialist doctors marketplace help businesses in supply chain and network of Bangalore, Singapore and non-technical users to easily
market. personalised tutoring programs. world-renowned brands. through preventive healthcare offices globally. and has a differentiated based on the medical needs of the apparel sector with sourcing mini-warehouses across the Bay Area. explore, analyse and
management. marketing strategy. the individuals. and production efficiency. major Chinese cities, the share real-time business
Its services help to reduce company delivers fresh analytics data.
medical costs and enhance groceries to its customers
efficiency. within an hour.
SOME FORMER INVESTMENTS
CAREBRIDGE TCNS ACT PINE LABS 1STDIBS PRACTO HECTOR BEVERAGES IHS SPARTOO
www.jiahui.com www.wforwoman.com www.actcorp.in www.pinelabs.com www.1stdibs.com www.practo.com www.paperboatdrinks.com www.ihstowers.com www.spartoo.com
2013 › 2018 | IN 2010 › 2016 | UK 2019 › 2020 | US
2016 | CN 2016 | IN 2016 | IN 2015 | IN 2015 | US 2015 | IN 2015 | IN 2014 | NIG 2012 | FR
Anchored by TCNS Clothing Company is a Atria Convergence Technologies Pine Labs is a provider of 1stdibs is a leading US online Practo is a provider of tech- Hector Beverages is an IHS is one of Africa’s leading Spartoo is a French leader
Jiahui International Hospital, leading player in the (ACT) is a provider of broadband innovative IT solutions that marketplace for decorative arts. enabled solutions connecting Indian company, specialized providers of telecom tower in omni-channel
Carebridge is an integrated women’s branded apparel internet access and cable TV simplify payments for Its main categories of products stakeholders in the Indian in the production and infrastructure for mobile shoe sales and is active
2013 › 2015 | IN 2013 › 2016 | ES 2016 › 2020 | US
healthcare services network market in India. It owns three distribution in India, with more merchants, with terminals are furniture, fine arts, jewellery & healthcare value chain (patients, distribution phone operators. The group throughout Europe.
based in Shanghai which brands (W, Aurelia and than 1.5 million subscribers. The suitable for all types of watches and fashion. doctors, hospitals and service of beverages based on builds, leases, and manages
delivers differentiated quality Wishful) in the contemporary company is active in Hyderabad, electronic payments. providers). traditional Indian recipes telecommunications towers
and impact in clinical care, ethnic segment. Bangalore, Delhi, Chennai and is The company is a market through its flagship brand which it owns or are owned
clinical research and expanding in other cities. leader in India and is Paper Boat. by others.
professional training. 2014 › 2014 | IN 2015 › 2017 | UAE
expanding internationally.
22 SOFINA - PURPOSE & PATIENCE SOFINA GROWTH — INVESTMENTS IN FAST-GROWING BUSINESSES 23FOUR FOCUS SECTORS
Selected portfolio companies
Focus sectors in our focus sectors
Sector knowledge is paramount. We have teams We have gathered significant industry exper-
focusing on our four preferred sectors with the tise and investment experience in those areas
belief, in line with our mission, that these sec- through our investment styles. This knowledge,
tors are well positioned to contribute to global alongside our partners’ industry experience,
growth, development and innovation. enables us to support the growth of our portfolio
companies.
Consumer Digital Healthcare Education
and Retail Transformation
We believe intimate knowledge of an industry to be a condi-
tion for adding meaningful value to growing companies. Over
the years, we have built a track record of investing in our
Focus Sectors: Consumer and Retail, Digital Transformation,
Education, and Healthcare.
By being closer to these industries and their people, we can
better identify the trends and themes that will drive future
growth. As your partner, we believe our sector knowledge and
dedicated resources allow us to provide guidance, market
knowledge and a global network.
24 SOFINA - PURPOSE & PATIENCE FOCUS SECTORS 25OUR STORY IN ASIA
Investing and contributing Asian companies
to growth in Asia in our focus sectors
Consumer and Retail
Fashion-focused Premium Indian manufacturer Producer of Indian
e-commerce player in beer brand and retailer of health and ethnic beverages
South-East Asia fitness supplements
Leading eyewear Leading women’s Online grocery Largest watch retailer and
manufacturer and apparel brand company in China wholesaler in China
retailer in India
Indonesian grab-and-go Tech-enabled economy
coffee chain hotel chain in China
Since 2005 we have held the belief, that has in the meantime turned Digital Transformation
into fact, that growth in Asia and especially, growth of its domestic
consumption was going to be a secular driver of global growth.
Payments technology Leading vernacular content
company aggregator in India
Education
2020 2019 2018 2016 Online provider
of supplemental
Leading player in China’s
K-12 after-school tutoring
School management
company providing services
education content space to 37 schools in India
More than 10 employees More than 20 First First
in Singapore direct investments investment in investment
office in Asia South-East Asia (Zilingo) in China (Carebridge)
Healthcare
2015 2015 2013 2005 Provider of tech-enabled Genomics research Integrated healthcare
The fund portfolio Opening of the First First investments solutions for the and genetic services company
healthcare sector diagnostics company in China
reaches 20 GPs Singapore office investment in India in venture and growth
(Flipkart) capital funds in Asia
Chinese endoscopy
equipment and
consumables
manufacturer
26 SOFINA - PURPOSE & PATIENCE INVESTING AND CONTRIBUTING TO GROWTH IN ASIA 27ESG
ESG commitments
The commitment to responsibly create enduring community member and when Sofina con-
value lies at the heart of Sofina’s culture. Our role siders its environmental footprint. This focus is
as a long-term shareholder and investor is to fos- present in how we work and interact with each
ter sustainable growth. We believe that assessing other in and outside the workplace, our presence
the effect of our actions and those of our portfo- in volunteering and non-profit organisations as
lio companies on all dimensions of society and well as on our willingness to reduce our environ-
environment, as well as trying to have a positive mental footprint.
impact on our communities is the foundation of
any long-term sustainable value creation.
The cornerstone of our ESG commitment is to
implement the United Nations Principles for
Responsible Investment (UNPRI) in our invest- Sofina also launched the Sofina Covid Solidarity
ment decision making process since 2019. We Fund, a €20 M fund mainly financed by Sofina
will report on these principles to the UNPRI in with additional contributions being made by
2021. We are also implementing internal policies its management team and Board members to
to put ESG as a key criteria when assessing new address the adverse consequences of the global
investment opportunities or monitoring existing Covid-19 pandemic on two key issues related to
ones. its focus sectors: specific challenges in health-
care systems and services and the digital gap in
Corporate Social Responsibility is also at the
education.
heart of what we do as an employer, as an active
These undertakings are further illustrated in the below chart which set outs our four main themes
divided into specific commitments:
The cornerstone of our ESG project as a long term investor
is our adherence to the United Nations Principles for Res-
ponsible Investment (UNPRI) and their implementation in our Our Our Our Our
investment decision and monitoring process. Investments People Communities Environnement
We implement the We promote We are socially We strive to reduce
recommendations diversity, inclusion engaged and our environmental
issued by the United and a collaborative support initiatives footprint
Nations on ESG in organization. promoting
our investment cultural and social We raise awareness
decision making We build a fulfilling development in on environmental
process in order to workplace for our communities. issues.
better manage risks everyone and aim at
while generating being a responsible We comply with laws
sustainable returns employer. and regulations and
over the long term favor spirit over
We support perma- the letter.
nent learning,
personal develop- We strive to
ment and dynamic implement the
career management best governance
with a growth practices at all levels.
minded approach.
28 SOFINA - PURPOSE & PATIENCE CORPORATE SOCIAL RESPONSIBILITY 29GOVERNANCE
Board of Directors
1. 2. 3. 4.
1. Dominique 6. Jacques Emsens 12. Charlotte Strömberg *
Lancksweert Board Member of UFB Vice-chair of the Board
Chair of the Board of Sofina
Dominique Lancksweert Harold Boël Nicolas Boël Laura Cioli
of Sofina 7. Anja Langenbucher * Chair of the Board
Senior Advisor at Morgan European Director of of Castellum
5. 6. 7. 8. Stanley the Bill and Melinda Gates
Foundation 13. Michel Tilmant *
2. Harold Boël Board member of
Chief Executive Officer 8. Robert Peugeot BNP Paribas Group
Laurent de Meeûs d’Argenteuil Jacques Emsens Anja Langenbucher Robert Peugeot Chair of FFP
3. Nicolas Boël 14. Guy Verhofstadt *
9. 10. 11. 12. Chair of the Board of Solvay 9. Analjit Singh * Former Belgian Prime
Founder and Chair Minister and Member of
4. Laura Cioli * of Max Group Renew Europe in the EU
Board member Parliament
Catherine Soubie
of Pirelli, Brembo, 10. Michèle Sioen *
Analjit Singh Charlotte Strömberg
15. Gwill York *
Michèle Sioen
Mediobanca and Autogrill CEO of Sioen Industries
13. 14. 15. Co-founder and Managing
5. Laurent de Meeûs 11. Catherine Soubie * Director of Lighthouse
d’Argenteuil CEO of Arfilia Capital Partners
Senior Partner at Egon
Zehnder International
Michel Tilmant Guy Verhofstad t Gwill York
* Independent directors
30 SOFINA - PURPOSE & PATIENCE BOARD OF DIRECTORS 31TEAM
We are Sofina Executive Committee
HAROLD BOËL VICTOR CASIER XAVIER COIRBAY
Chief Executive Officer Executive Committee Executive Committee
• Joined in 2008 as CEO, • Joined in 2006 • Joined in 1992
member of the controlling family • Boards: Veepee and Drylock • Boards: Cambridge Associates and
• Boards: bioMérieux, Mérieux • Previously at Roland Berger, First Eagle
NutriSciences and Cognita Transwide Ltd • Previously at Générale
• Previously at Usines Gustave Boël and Banco Urquijo de Banque
and Corus • Louvain School of Management, • Solvay Brussels School of Economics
• Brown University (Chem.), University & Management
école Polytechnique Lausanne of Chicago (MBA) and INSEAD and INSEAD (IDP-C*)
(Mat. Sc.) and INSEAD (IDP-C*) (IDP-C*)
WAUTHIER FRANÇOIS EDWARD
DE BASSOMPIERRE GILLET KOOPMAN
Executive Committee Executive Committee Executive Committee
• Joined in 1999 • Joined in 1988 • Joined in 2015
• Committee member of • Boards: Hillebrand, Luxempart • Boards: GL events,
the Platform for Education and Groupe Petit Forestier The Hut Group and Nuxe
and Talent • Previously at Union Minière • Previously at BNPP, Barings, Bain
• Previously at CMS DeBacker • Louvain School of Management & Co.
• Catholic University of Louvain and INSEAD (IDP-C*) and Electra Partners Europe/
(Law), ICHEC (Tax), Vleckho Cognetas
(Business Communication) • EM Lyon Business School
and INSEAD (IDP-C*)
* International Directors Programme - Certificate in Corporate Governance
32 SOFINA - PURPOSE & PATIENCE EXECUTIVE COMMITTEE 33Investment Team International team with more than 10 nationalities
JEAN-FRANÇOIS BURGUET STÉPHANIE DELPERDANGE MAXENCE TOMBEUR ALEXI GANTELME YANA KACHURINA ANTHONY KEUSTERS
Senior Investment Manager Head of Luxembourg Head of Asia Investment Manager Investment Manager Investment Manager
• Joined in 2014 • J oined in 2007 • Joined in 2008 • Joined in 2014 • Joined in 2016 • Joined in 2013
• Boards: 1stdibs, Uperio, • Boards:
Cambridge Associates • Boards: Practo, Hector Beverages, • Previously at Exane BNP Paribas • Boards: Dailyhunt and • Boards: Sofindev, Drylock and
Graphcore and Adjust •P reviously at KPMG Pine Labs, Byju’s and Bira 91 and KPMG Corporate Finance Hector Beverages Lillydoo
• Previously at Deloitte and Kredietbank • Previously at ING • Louvain School of Management • Previously at Roland Berger and a • Previously at Deloitte
• Polytechnique Louvain (Elec. Eng.) • ICHEC
and Certified Luxembourg • Louvain School of Management French family office • University of Antwerp
and The Wharton School (MBA) Accountant • Solvay Brussels School of (Law & Tax), ICHEC (Tax)
Economics & Management and EMS (Fin.)
AINHOA MANTEROLA SOLANS MATHIEU POMA XIAO-TIAN LOI PHILIPPE NYSSEN BENJAMIN SABATIER TANYA SEN
Senior Investment Manager Senior Investment Manager Senior Investment Manager Investment Manager Investment Manager Investment Manager
• Joined in 2017 • J oined in 2008 • Joined in 2015 • Joined in 2014 • Joined in 2016 • Joined in 2017
• Board: Biotech Dental and Salto •B oards: Chapoutier, Nuxe • Boards: Carebridge, MedGenome • Previously at PwC • Previously at Deloitte and Cube • Boards: Zilingo, Cognita,
• Previously at Bain Capital and Spartoo and Qingzhu • Graduate from Solvay Brussels Infrastructure Managers HealthKart and K12 Techno
and McKinsey •P reviously at • Previously at Allianz Capital School of Economics & • Arts et Métiers ParisTech (Mech. Services
• Institut Supérieur de Bridgestone Europe Partners, Monetary Authority Management and The Wharton Eng.), Georgia Tech (Mech. Eng.) • Previously at Bain & Co.
l’Aéronautique et de l’Espace •S olvay Brussels School of of Singapore and Singapore School (MBA) and HEC Paris (Fin.) and Deutsche Bank
(Aero. Eng.) Economics & Management Economic Development Board • Oxford University (Eng., Econ. &
• UC Berkeley (Chem. Eng.) and Mgmt.) and The Wharton School
Columbia University (Fin. Eng.) (MBA)
JOÃO VALE DE ALMEIDA GIULIA VAN WAEYENBERGE
Senior Investment Manager Senior Investment Manager
• Joined in 2015 • J oined in 2010
• Boards: Groupe Petit Forestier •B oard: GL events
and Biotech Dental •P reviously at De Eik
• Previously at ING and Merrill Lynch
• Solvay Brussels School of • Catholic University of Leuven (Elec.
Economics & Management Eng.), Singapore Management
and INSEAD (MBA) University (Econ.) and INSEAD
(IDP-C*)
* International Directors Programme - Certificate in Corporate Governance
34 SOFINA - PURPOSE & PATIENCE TEAM 35Investment Team Corporate and Tax & Legal Team
AMÉLIE EMILIE VAN DE WALLE CARINE
DAVID BIRGET YASHVIN SINGH BOPARAI HADRIEN DUHEM
LAGACHE DE GHELCKE LEROY
Investment Associate Investment Associate Investment Associate
Head of Tax Senior Legal Counsel Head of Human Resources
• Joined in 2019 • J oined in 2017 • Joined in 2018 • Joined in 2014 • J oined in 2016 • Joined in 2005
• Previously at the Boston •P reviously at Barclays and Royal • Previously at Bain & Co. • Previously at PwC • Previously at Freshfields Bruckhaus • Previously at Belgacom Skynet,
Consulting Group (BCG) Bank of Scotland • Solvay Brussels School of • Catholic University of Louvain (Law) Deringer Colgate Palmolive, Levis Strauss,
• HEC Paris (Fin. Econ.) • Oxford University Economics & Management and Solvay Brussels School of •C atholic University of Louvain Lintas & IBM
(Fin. Econ.) and HEC Paris (Fin.) Economics & Management (Tax) (Law), Free University of Brussels • EHSAL Management School,
• Certified in-house tax advisor (Econ. Law) and the London Vlerick Business School and Solvay
(IEC-IAB) School of Economics and Political Brussels School of Economics
Science (LLM) & Management
AGATHE EMPRIN BERTRAND FAWE MARKUS KREUS PASCAL BOSSIROY FRÉDÉRIC DOCQUIER JEAN-FRANÇOIS LAMBERT
Investment Associate Investment Associate Investment Associate Co-Head of Human Resources Group Business Controller Head of Operations
• Joined in 2020 • J oined in 2017 • Joined in 2019 • Joined in 2019 • J oined in 2016 • Joined in 2009
• Previously at PwC •P reviously at Mediobanca and LFPI • Previously at PwC •Previously at Sumitomo •P reviously at PwC, SCA Packaging, • Previously CIO at Robeco Bank
• IESEG School of Management •S olvay Brussels School of Economics • Maastricht University School of Mitsui Banking Corporation, Leleux TNT, Avnet and bpost Belgium & Kaupthing Bank
(Corporate finance) & Management Business and Economics (SBE) Associated Brokers, Robeco/ •Solvay Brussels School of Belgium, Consultant at Callataÿ &
Kaupthing Bank Belgium and Economics & Management Wouters
RaboRobeco Bank Luxembourg • École Polytechnique Louvain
• University of Nancy II (DESS DGHR) (Civil Eng.), INSEAD (TGM), Vlerick
and Institut Supérieur Lucien Business School (IMP), Solvay
Cooremans (Fin.) Business School (IT), Louvain
School of Management
YIZHEN LIM LINDA MULYANI YANHUAN WANG
Investment Associate Investment Associate Investment Associate
• Joined in 2019 • J oined in 2018 • Joined in 2020
• Previously at Venturecraft •P reviously at Goldman Sachs • Previously at Tiger Global
& Ark Bio Holdings, KPMG •S ingapore Management Management and Macquarie
and Singapore Economic University (Fin.) • Columbia University (MPA) and
Development Board National University of Singapore
• Peking University (Econ.) (MPP)
36 SOFINA - PURPOSE & PATIENCE TEAM 37C R E AT I N G VA LU E
Long-term growth of assets Key figures
SHAREHOLDERS’ EQUITY (BN EUR) (1)
8.6 (2)
9.0
8.0
7.0
6.0
5.0
4.0
2.8
3.0
2.0
1.0
0
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016 (3)
2017 (3)
2018
2019
2020
ANNUAL AVERAGE RETURN (%) (4)
15
13.7
12.8
12
10.7
10.8
10.1
8.4
9
As an evergreen investment holding, we aim to
6.9
6.6
5.4
6
create long-term shareholder value across three
4.6
2.9
investment styles valued as one portfolio. 3
0
-3
-3.2
-6
1 YEAR 7 YEARS 10 YEARS 15 YEARS
Shareholders’ equity of Sofina (5) MSCI AC WI (EUR) (6) EURO STOXX 50 (7)
(1) The accounting data are prepared under IFRS standards since financial year closed at 31 December 2004. The shareholders’ equity for
financial years prior to 2004 corresponds to the estimated value of the assets.
(2) As at 31 December 2020, based on unaudited data.
(3) Figures relating to 2016 and 2017 have been restated in accordance with IAS 28, §18 to ensure that the shareholders’ equity for 2016 and 2017
can be compared to that of following years.
(4) Average annual growth rate over the reference period ending on 31 December 2020, based on unaudited data.
(5) Per share, gross dividends reinvested. The figures relating to 2016 and 2017 have been restated according to IAS 28, §18 to ensure that the
shareholders’ equity for 2016 and 2017 can be compared to that of following years.
(6) MSCI AC World Net Total Return EUR Index – NDEEWNR Index.
(7) Euro Stoxx 50 Net Return Index EUR - SX5T Index.
38 SOFINA - PURPOSE & PATIENCE LONG-TERM GROWTH OF ASSETS 39CO N TACT
Our offices
BRUSSELS LUXEMBOURG SINGAPORE
Rue de l’Industrie, 31 Rue Léon Laval, 12 108 Amoy Street, #03-01
B-1040 Brussels L-3372 Leudelange Singapore 069928
Belgium Luxembourg Singapore
Tel. +32 2 551 06 11 Tel. +352 45 61 92 Tel. +65 6327 1700
info@sofinagroup.com sofina-partners@sofinagroup.com singapore@sofinagroup.com
Postal address:
Sofina Partners SA
BP 16
L-3205 Leudelange
40 SOFINA - PURPOSE & PATIENCE OUR OFFICES 41SOFINA | Société anonyme
Brussels Office – Registered Office
Rue de l’Industrie, 31 | B-1040 Brussels – Belgium
Tel. : (+32) 2 551 06 11
info@sofinagroup.com | www.sofinagroup.com
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